The tests say little about the increased or decreased risks to bank stability, but Euromoney’s country risk survey can help fill in the gaps.

A reform-minded government and resilient economy have instilled confidence in Chile’s prospects among analysts, despite the risks.

With analysts rating Peru a similar risk to China and Malaysia, Euromoney’s survey indicates that Fitch and Standard & Poor’s should upgrade in line with Moody’s.

The country is powering ahead as it seeks to tap $20 billion in foreign-currency borrowings through to 2022, starting with Pandas and Samurais, and a $5 billion Eurobond.

The region contains countries with current-account surpluses that will benefit from trade relocation from China.